Everywhere you look, movie studios and their stalwart media pals are eager to proclaim movies are back. Unfortunately, that does not yet seem to be the case.
Even the best summer movies for 2021 are finding it difficult to muster even a hint of profit. Perhaps A Quiet Place 2 will be the most likely candidate for the job, what with its $262 million haul versus estimated $60 million budget. With advertising included, the movie probably totaled $120 million in expenditures; after removing theater hosting fees and taxes, it’s likely the movie is still on par for a decent capital surplus. That’s more than can be said for most other films.
Despite the catchy labeling of the post-pandemic era, movies still have to make money in order for studios to keep investing in their creation. On Pirates and Princesses, I claimed that Black Widow was only on track to break even, yet things have taken a drastic downturn since the publication of that article. As it currently stands, the movie has dropped precipitously, Disney has suddenly been reticent to post their Disney+ revenues for the film, and the total domestic box office intake is below $150 million. Black Widow is now a film that may actually take a loss. How long has it been since a Marvel movie could say such a thing? Consider that Black Widow’s official budget is $200 million, marketing puts the total cost far above that, and the film is likely $100 million under water at the moment. It’s so bad that the movie is below any known forecast modeling according to The-Numbers.
And while Marvel’s latest movie has fallen over after bursting through the gates, LeBron James has taken the opportunity to gloat like the goat he claims to be…
There’s just one tiny little problem: Space Jam A New Legacy didn’t beat Black Widow with box office success, it just fell over a dead horse. The new Looney Tunes escapade failed to eclipse $40 million in its opening weekend, indicating a horrible start. Just because it was expected to fail even harder after the abysmal reviews doesn’t make the film any more profitable. In fact, Space Jam A New Legacy might actually lose more than $100 million dollars in total by the end of this.
What all of this means is that, despite the headlines pointing in other directions, the unobscured truth is that Hollywood is heading for hard times. However they can make movies that get people back in front of their small and big screens, now is the time to go for that. If not, we may see a monumental change in the film industry sooner rather than later.
Let us know what you think in the comments below. Are you going to see movies again in theaters? If not, what are the reasons?
